Kensington Mortgage Company (Kensington), part of The Northview Group, has today announced a major enhancement to its Buy to Let (BTL) range that will also see Kensington Mortgages become the Group’s principal brand. The retirement of the New Street brand for new mortgage applications will occur at the same time, with the brand’s buy-to-let offering now coming under Kensington Mortgages.
Kensington Mortgage Company (Kensington), part of The Northview Group, has today announced a major enhancement to its Buy to Let (BTL) range that will also see Kensington Mortgages become the Group’s principal brand. The retirement of the New Street brand for new mortgage applications will occur at the same time, with the brand’s buy-to-let offering now coming under Kensington Mortgages. As part of the update, Kensington has expanded its lending criteria and introduced ‘top-slicing’ to allow personal income or income from other properties to be used in affordability assessments.
The changes are part of Kensington’s improved and simplified affordability calculations. The proposition will be available to customers via intermediaries from 24th July 2018.
The enhancement to Kensington’s But-to-Let proposition is the latest in a series of recent updates from the specialist lender over the last few months, including new higher loan values and a Limited Company buy-to-let mortgage proposition. Alongside this latest product offering, Kensington has been increasing investment in its underwriting and sales teams.
Craig McKinlay, Head of Sales and Marketing, Kensington Mortgages comments:
“We always look for ways to enhance our business and brands, and ensure we provide our customers and brokers with an effective, competitive and simple proposition that makes sense to all whilst reflecting our level of ambition and growth. Recently, this has led us to focus on enhancing Kensington’s Buy to Let proposition, as well as further investment in Kensington’s sales team.”
The decision to bring New Street’s proposition under the Kensington Mortgages brand follows extensive market feedback and is intended to create a single, simplified principal lending brand that is easier for brokers to do business with. Features and products of New Street will be incorporated into Kensington’s BTL proposition, including simplified rental calculations.
The retirement of the New Street name will not result in any personnel changes at The Northview Group, with all New Street employees moving to the Kensington Mortgages brand. New mortgage applications for New Street Mortgages will no longer be accepted from 24th July 2018, but existing customers will continue to be serviced under the New Street brand.
Craig McKinlay, Sales and Marketing Director at Kensington Mortgages, comments:
“We believe simplifying our distribution strategy by focusing on Kensington’s award-winning Buy to Let offering is the best approach going forward.* As a top UK specialist lender, we have responded to the recent changes in the BTL market and this move allows us to provide a simple, easy to use service for our brokers and customers alike.
“For brokers who have any queries on their New Street accounts, please visit the New Street website to be kept up-to-date on recent announcements.”
* Kensington Mortgages was named What Mortgage’s ‘Best BTL lender’ in 2017 and 2016.